Forex Trading: NZDUSD Technical Analysis – March 02, 2020

The New Zealand Dollar (NZD) on Monday favored the US Dollar (USD), raising the NZDUSD level to more than 0.6200. The pair’s price rose after the publication of major financial information The technical bias is foreseen as bearish in light of the fact that the pair’s price in the last upside move denoted a higher low.

NZD/USD: Technical Analysis

On Monday morning the NZDUSD quoted itself at the price of the 0.6235, with the huge number of resistances ahead, the first resistance is at 0.6322, the 23.6% Fib level, ahead of the combination of the 38.2% Fib level and the trendline at 0.6405, and then soon after it, there is another trendline at 0.6429.

On the downside, there are support levels that prevent the price from further dropping, the immediate trendline support is at 0.6140, ahead of the psychological number at 0.6100 and then the major horizontal support at 0.6098 assisted the pair’s price.

NZD Trade Balance

According to the survey, this year’s trade balance rose from $-4.46 B to $-3.87 B, the trade balance reported by Statistics New Zealand is the difference between the number of country exports and imports over a year period. The positive trade balance is an example of the country’s strong competitiveness.

Trade Idea

Conditions aren’t better or different from the past, so there’s still a risk for investors that may not be allowed to invest for now and people who still hold this stock may keep it and will wait until the sensible move doesn’t happen.